Even if the creditors of JSE-listed Comair accept a proposed rescue plan on 18 September, there would still be some suspensive conditions to be met before it can be implemented.
Comair operates its own low-cost airline Kulula.com as well as British Airways domestically under a licence agreement. It went into business rescue in May this year, after all its flights had to be grounded at the end of March due to the national coronavirus lockdown. It has not restarted flights yet.
The publication of the proposed rescue plan follows negotiations with the Comair Rescue Consortium (previously known as the Moritz Consortium) as the preferred investor.